Bo Hines, a former crypto adviser to President Donald Trump, reportedly maintained a financial stake in a company that benefited from a stablecoin bill he helped pass while serving in the White House. According to a report from The Wall Street Journal, Hines held a one-third ownership in Nxum, an investment company he co-founded, as he pushed for the passage of the GENIUS Act, a stablecoin legislation. Nxum received $6.3 million from stablecoin issuer Tether, with the first payment occurring while Hines was still in government.
While serving as Trump’s crypto adviser, Hines reportedly kept in touch with his Nxum partners through the Signal app, updating them on the progress of the GENIUS Act. He also allegedly urged his partners to label Republican lawmakers opposing the bill as “undermining the president” and “bought and paid for by democratic shills like Coinbase and a16z.” Hines later joined Tether as a strategic adviser in August 2025 and became CEO of its US arm the following month.
The reported deal between Hines and Tether has raised concerns about the influence of former government officials in the crypto industry. The GENIUS Act was signed into law in July 2025, with Trump personally recognizing Hines at the signing ceremony. The law is set to take effect in January 2027 but requires further regulations from government agencies.
The case highlights the ongoing trend of former US policymakers moving to roles within crypto companies. Other notable examples include Summer Mersinger, a former CFTC commissioner who became CEO of the Blockchain Association, and Kevin Webb, a former CFTC senior counsel who joined Solidus Labs as vice president of policy.